5 Pesos

The Tesorería General de la República Argentina was operating out of Paraná during this period because Paraná served as the capital of the Argentine Confederation from 1853 to 1861 — the years when Buenos Aires province was functioning as a separate, breakaway state. These notes were issued by the Confederation government, not by the unified Argentine Republic that would emerge after the Battle of Pavón in September 1861.

Printing domestically in Paraná, rather than contracting a European house, was a practical necessity for a cash-strapped administration with limited foreign credit. The quality reflects that constraint. After reunification, Confederation-issued paper had no standing in the new order, and most was withdrawn and destroyed — survival rates are accordingly low.